USD/TRY sticks to mild losses as it retreats to 26.50 heading into Monday’s European session. In doing so, the Turkish Lira (TRY) pair failed to exten
d the previous day’s rebound from the lowest level in two months amid a broad US Dollar pullback. However, the cautious mood ahead of this week’s top-tier Turkish and US data prods the pair sellers of late.
On the other hand, the CBRT surprised global markets by lifting the benchmark rates to 25%, versus 20% expected and 17.5% previous readings, to tame the inflation woes that recently gained momentum after wildfires wrecked an international trade route around Turkiye. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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